Financial statements arrive in the mail each month for millions of consumers. How that letter got from data to the mailbox involves lots of steps to ensure accuracy, compliance, and security. For many organizations, the process is costly and cumbersome. That’s why so many have transitioned to outsourcing financial statement services.
Let’s review why it’s a smart move for businesses.
Evaluate Data Security Protocols
The first part of the workflow in outsourcing your transactional communications is data transmission. You must send your files to the print and mail company. Sharing data securely has many guardrails, but not all policies are the same.
Once the data is within the provider’s network, you must be confident that it will remain encrypted and protected throughout environments. A few key things to look for in assessing your outsourcing options:
- Secure file processing with SFTP (Secure File Transfer Protocol)
- Encryption that stays with data wherever it goes
- Perimeter defenses (e.g., firewalls, intrusion prevention systems)
- Vulnerability scanning and penetration testing
- Identity access management (IAM)
- Data security with these components also strengthens compliance mandates.
Integrate Compliance into Every Aspect of the Process
As a financial institution, compliance is multi-tiered and often complex. Meeting these requirements isn’t negotiable. Failure to do so can result in costly fines and reputational harm. If you’re going to migrate to financial statement services, you must be 100% sure that the provider understands compliance.
You need more assurance than certifications in FISMA or PCI DSS. What’s critical is that compliance must be part of every component in the process. Beyond secure use and sharing of PII (personally identifiable information), accuracy can often be a weak link. What happens if the wrong information gets into the incorrect envelope?
Mis-mailings can trigger noncompliance claims and customer distrust. So, how do transactional companies master accuracy?
The best approach is with intelligent insertion. In this framework, cameras scan 2D barcodes printed on pages. The barcode holds information that informs the inserter of what to fold into the envelope. Another camera records the insertion for verification. It’s a mix of technology and process that has allowed PCI Group to earn a 99.9999% accuracy rating.
Transition to Save
Organizations are always looking for ways to cut costs. Outsourcing is typically a way to do so. But what are the real savings you can realize with financial statement services?
All the technology and equipment expenses are no longer on your budget. That could reduce costs in the six figures. You can also eliminate overhead and labor. Another area of savings is postage. A professional print and mail company can guarantee the lowest rates because of volume, presorting, and other optimization tactics.
With all these dollars saved, you can then invest that back into other departments to drive growth and innovation.
Find a Partner with Experience
There’s a lot of work that goes into moving from in-house operations to outsourcing. For this to be as smooth as possible, you should assess how their program works. Ideally, they’ll have a standard process for this with dedicated resources to help you make the switch.
Typically, the kick-off includes a project plan with dependencies and responsibilities. During this phase, the provider will evaluate your current workflow and offer recommendations for improvement. That could include things like standardizing letter sizes or presenting dynamic printing options to remove inserts. In this structure, there’s no pre-printing or templates. You can customize messaging to each individual for upsells, cross-sells, or other critical information.
Ready to Outsource Financial Statement Services?
Rethink your transactional customer communications by outsourcing. You’ll realize cost savings, but more importantly, you’ll gain a more strategic, compliant, and accurate operation. Take the first step by scheduling a consultation with our team.
